Point Grey waterfront is the second most expensive location in Vancouver
Plus a property with a pedigree south of the border
Housing prices are rising in Ottawa, Montreal and Toronto, but it’s a different story in the West: Vancouver and Victoria are now buyer’s markets, and B.C. prices are expected to stabilize, according to the new Canadian Spring Market Report from global luxury real estate firm Engel & Völkers.
In March, Metro Vancouver sales dipped 46.3 percent below the 10-year average for the month—the lowest total since 1986. The following month, weak sales and a 46.2-percent increase in listings compared to last year drove the benchmark price down 8.5 percent over April 2018. With buyers sitting on the sidelines, sellers are decreasing prices. Along with steady interest and mortgage rates, that could help boost the market.
These factors are also affecting the Vancouver market, according to Engel & Völkers:
1. Rental prices holding steady
2. Non-resident tax for foreign buyers
3. U.S. trade withChina (less import business)
4. Mortgage stress test
5. Vacancy tax
6. Public policy not favourable to new developments
Victoria’s listing inventory increased 37.4 percent in April compared to last year, and properties are taking longer to sell. As a result, the market for homes priced at $1 million or more is softening, while properties in the $800,000 range are receiving multiple offers. Engel & Völkers predicts that factors like the non-resident tax, lower inflation and strict mortgage rules will probably continue to affect Victoria through 2019.
U.S. aviator Charles Lindbergh’s Connecticut home is for sale
Courtesy of TopTenRealEstateDeals.comActually, two of them, available separately or as a package. The 5,663-square-foot, six-bedroom, six-bath main house, on 1.77 acres with 635 feet of shoreline on a peninsula jutting into Long Island Sound, is US$11.75 million. And for US$6.3 million, there’s a 1,529-square-foot, four-bedroom, three-bath guest cottage on 2.84 acres with 1,100 feet of shoreline.